Systems and methods for implementing real estate value insurance

Abstract

To protect a person with a property interest in real property against a loss of market value thereof, a base market value of the real property is determined at a current time when the property interest in the real property arises or thereafter, and a number of types of events that cause the real property to lose market value as compared with the base market value are defined. A number of the defined types of events are selected, and a real estate market value policy is issued to the person at about the current time. The policy promises to compensate the person for any loss experienced by the person if the real property loses market value as compared with the base market value based on any of the selected types of events.

1. A method of protecting a person with a property interest in a piece of real property against a loss of market value of the real property during ownership of the property interest, the method being performed by a hardware computing device and comprising:
 defining how the loss of market value of the real property is calculated at a time prior to the person selling the property interest; 
 defining in a memory of the computing device a number of types of events that cause the real property to lose market value as compared with a base market value, each of the number of types of events occurring prior to the person selling the property interest; 
 selecting a number of the defined types of events to be for which the person is to be protected; 
 issuing to the person a real estate market value insurance policy, the policy promising to compensate the person for any loss of market value of the real property based on any of the selected types of events and according to the defined loss of market value, the promise to compensate including a right to remediate at a least a part of the defined loss in a non-monetary manner, the issued policy not requiring the person to sell the property interest to establish the loss; 
 establishing a premium with regard to the policy based on a calculation of a risk of loss incurred in connection with the policy; 
 collecting the established premium; 
 receiving a notification of an occurrence of one of the selected types of events; 
 transmitting information to provide compensation to the person for a value of the one of the selected types of events; 
 thereafter, receiving a notification of a sale of the property interest; 
 determining that the property interest has regained at least a portion of the value of the one of the selected types of events; and 
 collecting an offset payment from the person to offset the compensation to the person. 
 
     
     
       2. The method of  claim 1  wherein the person with the property interest in the piece of real property is an owner of the real property. 
     
     
       3. The method of  claim 1  wherein the right to remediate at a least a part of the defined loss in a non-monetary manner comprises remedying damage caused by a loss event so as to restore at least a portion of lost market value. 
     
     
       4. The method of  claim 1  wherein the real property is selected from land, land with improvements, and improvements without attached land. 
     
     
       5. The method of  claim 1  wherein the market value policy covers losses not covered by a property insurance policy. 
     
     
       6. The method of  claim 1  wherein the loss is limited to a particular time frame including at least one of a minimum amount of time and a maximum amount of time within which the loss must occur. 
     
     
       7. The method of  claim 1  further comprising transmitting information to incur a lien on the property interest equal to the compensation to the person. 
     
     
       8. A computer-readable storage medium having computer-executable instructions thereon implementing a method of protecting a person with a property interest in a piece of real property against a loss of market value of the real property during ownership of the property interest, the method comprising:
 defining how the loss of market value of the real property is calculated at a time prior to the person selling the property interest; 
 defining a number of types of events that cause the real property to lose market value as compared with a base market value, each of the number of types of events occurring prior to the person selling the property interest; 
 selecting a number of the defined types of events to be for which the person is to be protected; 
 issuing to the person a real estate market value insurance policy, the policy promising to compensate the person for any loss of market value of the real property based on any of the selected types of events and according to the defined loss of market value, the promise to compensate including a right to remediate at a least a part of the defined loss in a non-monetary manner, the issued policy not requiring the person to sell the property interest to establish the loss; 
 establishing a premium with regard to the policy based on a calculation of a risk of loss incurred in connection with the policy; 
 collecting the established premium; 
 receiving a notification of an occurrence of one of the selected types of events; 
 transmitting information to provide compensation to the person for a value of the one of the selected types of events; 
 thereafter, receiving a notification of a sale of the property interest; 
 determining that the property interest has regained at least a portion of the value of the one of the selected types of events; and 
 collecting an offset payment from the person to offset the compensation to the person. 
 
     
     
       9. The medium of  claim 8  wherein the person with the property interest in the piece of real property is an owner of the real property. 
     
     
       10. The medium of  claim 8  wherein the right to remediate at a least a part of the defined loss in a non-monetary manner comprises remedying damage caused by a loss event so as to restore at least a portion of lost market value. 
     
     
       11. The medium of  claim 8  wherein the real property is selected from land, land with improvements, and improvements without attached land. 
     
     
       12. The medium of  claim 8  wherein the market value policy covers losses not covered by a property insurance policy. 
     
     
       13. The medium of  claim 8  wherein the loss is limited to a particular time frame including at least one of a minimum amount of time and a maximum amount of time within which the loss must occur. 
     
     
       14. The medium of  claim 8  further comprising transmitting information to incur a lien on the property interest equal to the compensation to the person. 
     
     
       15. A system that protects a person with a property interest in a piece of real property against a loss of market value of the real property during ownership of the property interest, the system comprising:
 a portion of the system that defines how the loss of market value of the real property is calculated at a time prior to the person selling the property interest; 
 a portion of the system that defines a number of types of events that cause the real property to lose market value as compared with a base market value, each of the number of types of events occurring prior to the person selling the property interest; 
 a portion of the system that selects a number of the defined types of events to be for which the person is to be protected; 
 a portion of the system that issues to the person a real estate market value insurance policy, the policy promising to compensate the person for any loss of market value of the real property based on any of the selected types of events and according to the defined loss of market value, the promise to compensate including a right to remediate at a least a part of the defined loss in a non-monetary manner, the issued policy not requiring the person to sell the property interest to establish the loss; 
 a portion of the system that establishes a premium with regard to the policy based on a calculation of a risk of loss incurred in connection with the policy; 
 a portion of the system that collects the established premium; 
 a portion of the system that receives a notification of an occurrence of one of the selected types of events; 
 a portion of the system that transmits information to provide compensation to the person for a value of the one of the selected types of events; 
 a portion of the system that, thereafter, receives a notification of a sale of the property interest; 
 a portion of the system that determines that the property interest has regained at least a portion of the value of the one of the selected types of events; and 
 a portion of the system that collects an offset payment from the person to offset the compensation to the person. 
 
     
     
       16. The system of  claim 15  wherein the person with the property interest in the piece of real property is an owner of the real property. 
     
     
       17. The system of  claim 15  wherein the right to remediate at a least a part of the defined loss in a non-monetary manner comprises remedying damage caused by a loss event so as to restore at least a portion of lost market value. 
     
     
       18. The system of  claim 15  wherein the real property is selected from land, land with improvements, and improvements without attached land. 
     
     
       19. The system of  claim 15  wherein the market value policy covers losses not covered by a property insurance policy. 
     
     
       20. The system of  claim 15  wherein the loss is limited to a particular time frame including at least one of a minimum amount of time and a maximum amount of time within which the loss must occur. 
     
     
       21. The system of  claim 15  further comprising a portion of the system that transmits information to incur a lien on the property interest equal to the compensation to the person.